"
In reply, Boudinot did not deny that all powers, vested heretofore in
any individual State, and not granted by this instrument, were still
retained by the people of such State and could not be exercised by
Congress. But he then showed that the power to incorporate the bank
was "drawn by necessary implication" from those expressed. The preamble
declared in general terms the objects of the Constitution; one of the
expressed functions under it was "to borrow money"; and the circle was
completed by the liberal clause to "make all laws necessary and proper
for carrying into execution the foregoing powers." Now to provide for
the general welfare it might be necessary to borrow money; a bank was
essential to the borrowing of money in adequate sums; therefore the
power to establish a bank was deduced by the strongest and most decisive
implication.
Here was the first complete exposition of the doctrine of a loose
construction for the wording of the Constitution. If that be correct
reasoning, said the opposition, the Constitution may as well stop with
the preamble, since there is no power under heaven which could not be
exercised within its limits.
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